Security News > 2022 > May > Cryptocurrency laundromat Blender shredded by US Treasury in sanctions first

The US Treasury has sanctioned cryptocurrency mixer Blender for its role in helping North Korea's Lazarus Group launder stolen digital assets.

As the name might suggest, cryptocurrency mixing, or tumbling, can obscure the source of some digital money.

"Virtual currency mixers that assist illicit transactions pose a threat to US national security interests," Brian Nelson, under secretary of the Treasury for terrorism and financial intelligence said in a statement today.

Here's an example of how mixers work: after a ransomware attack or a crypto-wallet theft, the crooks take their ill-gotten gains and begin the money laundering process by "Mixing" criminal proceeds, via Blender or another crypto mixer, with other netizens' funds.

While the purported use for Blender and other mixing services is to increase privacy, they are very popular among thieves.

Blender has helped transfer more than $500 million in Bitcoin since its creation in 2017, according to the Treasury.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/05/06/us_treasury_sanctions_blender/